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Bank of New Zealand Ltd. Oct 06
Standard & Poors, Oct 2006
Abstract
Ownership by National Australia Bank Ltd. Good local franchise and brand image in New Zealand Well-diversified loan portfolio and strong asset quality Very good capital adequacy Susceptibility to a slowdown in operating and economic environment Relatively large exposure concentrations Greater reliance on wholesale funding The counterparty credit ratings on Bank of New Zealand Ltd. (BNZ) reflect its status as a wholly owned and integrated core subsidiary of National Australia Bank Ltd. (NAB; AA-/Stable/A-1+). On a stand-alone basis, BNZ's ratings benefit from its good local franchise and its extensive distribution platform throughout New Zealand. Other strengths include its well-diversified loan portfolio, which has demonstrated low charge-offs, strong asset quality, and very good capital adequacy. Moderating factors include BNZ's challenge to maintain...
Companies mentioned in this report are: Bank of New Zealand,National Australia Bank Ltd.,Clydesdale Bank PLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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